By occupation

Which Retirement Plan Do You Get? A Guide by Occupation

July 21, 2026 · By Tim Miller · 2 min read

The retirement account you should be using depends heavily on where you work. A private-sector employee, a public-school teacher, a federal worker, and a freelancer each get a different toolkit. Here’s the map.

If you work in…	Your primary plan	Common add-ons
Private company	401(k)	IRA / Roth IRA, HSA
Public school / K–12	State teacher pension (e.g., TRS)	403(b) and often 457(b)
College / university	Pension or 403(b)	457(b), IRA
State / local government	Government pension	457(b), IRA
Federal government	FERS pension + Social Security	Thrift Savings Plan (TSP), IRA
Military	Blended Retirement System pension	TSP, IRA
Nonprofit / hospital	403(b)	457(b), IRA, HSA
Self-employed / small business	Solo 401(k), SEP IRA, or SIMPLE IRA	Roth IRA, HSA
No workplace plan	Traditional or Roth IRA	HSA, taxable brokerage

Private-sector employees: the 401(k)

The workhorse is the 401(k), usually with an employer match. Contribute enough to get the full match, then consider a Roth IRA and (if you have a high-deductible health plan) an HSA.

Teachers & government: a pension plus a 403(b)/457(b)

Most public educators get a defined-benefit pension automatically, and can save on top through a 403(b) and often a 457(b). Because 457(b) has a separate limit, teachers with both can shelter far more than most workers. (Some also don’t pay into Social Security — making that extra saving important.)

Federal employees & military: FERS/BRS + the TSP

Federal workers have a FERS pension, Social Security, and the Thrift Savings Plan (TSP) — a low-cost 401(k)-style plan with a match. Service members get the Blended Retirement System pension plus the TSP.

Self-employed: SEP, SIMPLE, or Solo 401(k)

Without an employer plan you get powerful options: a Solo 401(k) (highest limits, lets you contribute as both ‘employee’ and ‘employer’), a SEP IRA (simple, up to $70,000), or a SIMPLE IRA. Any of these can shelter far more than an IRA alone.

Educational information only, not financial or tax advice. Figures are current for the tax/plan year noted and can change — always confirm the latest at the official source (IRS.gov, SSA.gov, or your plan) before acting.

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